When is it time to appoint a chartered accountant?
If you run a small business or an SME, it can be hard to manage all of your different responsibilities, not to mention your company’s accounts too! Many businesses find it useful to involve an accountant to help with their finances, but aren’t sure exactly when to hire one.
If you find yourself in this situation, take a look at our guide below.
What is a chartered accountant?
A chartered accountant is an individual who is qualified to give financial advice and services to businesses. These services may include:
- Reporting on business finances
- Business Tax
- Auditing
- Forensic accountancy
- Corporate finance
- Business accounting systems
- Risk analysis
- Forecasting
A chartered accountant will work with a wide range of businesses, and will have expert knowledge and experience to put to use for your business.
Why do I need an accountant?
If you don’t have a financial background, you may find that handling your business’ accounts is a challenge. The UK taxation system is one of the most complicated in the world, and discovering which schemes, reliefs and support is available to you can be hugely time consuming.
Hiring an accountant can help to save you time, ensure your business is legally and financially compliant and may save you money on your business and tax returns too.
Do I need an accountant for a small business?
If you’re registered as a sole trader to run your business, you may find that you are able to complete your yearly tax returns with relative ease. Despite this, as your company grows you will inevitably find that accounting takes up more of your time. In addition, by using an accountant, you may be able to save money on your tax returns.
For small Ltd companies, an accountant will be useful, not only to complete your taxes, but to advise on cash flow, forecasts, valuations and growth, which will be useful to help you drive your business to be the most successful it can be.
When should I hire an accountant?
Ideally, you should hire an accountant as soon as you are able to after setting up your company. This way, you’re able to make sure that your business finances are in order from the get go, so you don’t run into problems further down the line. Your accountant will also be able to get to know your business better, so will be better placed to provide advice and guidance in the future.
If you run a business and want to discuss more about how an accountant could help you, get in touch with our expert business accountants in London or Manchester today.
